STATISTICS: LATVIA: Insurers profit down by almost 50% in 1H2015

According to the figures published by the Financial and Capital Market Commission - FKTK, Latvian insurers (local and EU branches in Latvia) posted aggregated gross written premiums of EUR 273.6 million in the first half of the year, which is 6.3% more compared with the same period last year. At the same time, the value of paid claims and indemnities increased by 9.7% y-o-y to EUR 148.4 million.

During the reporting period, gross premiums written by local insurers increased by 7.6% y-o-y to EUR 199.8 million (or 73% of the total market), while the gross premiums written by the EU branches reached EUR 73.7 million (2.7% more) or 26.9% of the total premiums written.

At the end of June 2015, the Latvian insurance sector reported profit of EUR 4.33 million which is 49.5% less than in January-June 2014 when insurers' profit amounted to EUR 8.58 million. Non-life insurance companies' profit was EUR 4.44 million (vs. EUR 6.20 million in 1H2014), while life insurers posted EUR -106 thousands in losses compared to a profit of EUR 2.37 million at the end of June 2014.

More about the Latvian insurance market evolution in 1H2015 will be available in the forthcoming issue of XPRIMM Insurance Report 1H2015,
to be released on October, 18th, on the occasion of the Baden-Baden
XPRIMM Reception (Kurhaus Casino, Runder Saal, 18:30 - 20:30 hours).

Data collected by the Latvian Motor Insurers' Bureau (LTAB) shows that the 9 MTPL insurers from Latvia earned EUR 3.61 million revenues from this business line. It is the first time in the past 10 years when Latvian MTPL insurers profited from this type of business line.

Latvian insurance companies generated EUR 9.33 million in aggregate 3Q2018 profit, down by 28.5% y-o-y from EUR 13.05 million a year ago, the quarterly figures published by FKTK (Financial and Capital Market Commission) showed.

BMW, Audi and Toyota are the brands most targeted by the car thieves in Latvia, as well as seven to 12 years old automobiles, a representative of BALTA Insurance - member of the PZU Group, stated for the LETA news agency.

SEB - one of the largest life insurers in Baltic region announced is planning to merge its units in the Baltic States, "into one legal entity to further improve our operational efficiency and deliver improved customer services. The merger will not affect our services to the customers".

SkandinaviskaEnskildaBanken AB (SEB) will merge its Baltic life insurance operations into one company, headquartered in Riga, reports The Baltic Course. Simplification of the operation model and improve services and solutions are the main reasons of the merger.

Latvian insurers generated EUR 2.69 million in first quarter net profit, which is more than double compared with the Q1 2017 net profit of EUR 1.13 million, according to the figures released by the Financial and Capital Market Commission (FKTK).

Latvian insurers' aggregate loss from mandatory MTPL insurance was EUR 120,000 in 1Q2018, down from EUR 4.05 million in the same period last year, reports LETA, according to information released by the Motor Insurers' Bureau of Latvia (LTAB).

According to the year-end market figures published by FKTK (the Financial and Capital Market Commission), the Latvian insurance market totaled EUR 646 million at the end of December 2017, up by 21.4% y-o-y.

On April 1, 2019, Alexander ZARETSKI will step down from his presidency of METLIFE. According to the Company's Board of Directors, this decision was made for personal reasons. Gheorghe DIMITRU will take over as president, ASN wrote.

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